Closely following El Salvador’s recent adoption of the cryptocurrency, Bitcoin was recently adopted by The Central African Republic as a national currency.
This move has confusing motivations, considering the country’s poor economy and low proportion of population with access to the internet. (11 percent)
According to Reuters, it is possible that the Central African Republic is attempting to undermine the Central American CFA franc by instituting Bitcoin as a national currency, in an act of defiance against Europe and, in specific, France. What the country’s future looks like with its new adoption still remains unclear, but the government believes the move will “improve the conditions of Central African citizens” and distinguish the Republic as one of “the world’s boldest and most visionary countries”.